(Reuters) - Little volatility and light client activity have kept fixed-income markets lackluster in the fourth quarter, with no improvement from the beginning of the year, Goldman Sachs Group Inc (GS.N) Chief Financial Officer Marty Chavez said on Tuesday.

The fourth quarter in particular may see weak trading results when compared to the same period a year ago, when Wall Street banks benefited from jumps in volumes across fixed income after Donald Trump won the U.S. presidential election, Chavez said at the Bank of America Merrill Lynch financials conference in New York.

Fixed-income results will also be hurt by Goldman’s commodities division, which is on pace to have the worst full year performance in the bank’s history as a public company, Chavez added.

Goldman in September unveiled a growth plan to boost revenue across the firm, including fixed income. These opportunities included courting a greater number of asset managers and banks to trade with the firm and expanding its footprint with corporate clients particularly in commodities.

The bank reported a 26 percent drop in third quarter bond trading revenue, in line with peers.